American DG Energy Inc. (ADGE) saw its loss narrow to $0.76 million, or $0.01 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.43 million, or $0.11 a share.
Revenue during the year dropped 3.40 percent to $6.14 million from $6.36 million in the previous year. Gross margin for the year period stood at positive 2.10 percent as compared to a negative 0.84 percent for the previous year. Operating margin for the year stood at negative 39.72 percent as compared to a negative 54.10 percent for the previous year.
Operating loss for the year was $2.44 million, compared with an operating loss of $3.44 million in the previous year.
Adjusted EBITDA for the year stood at $0.12 million compared to negative $0.82 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 1.92 percent for the year compared to negative 12.94 percent in the last year.
Speaking about the company's performance, co-chief executive officer Benjamin Locke noted, "The Company's improved balance sheet and fleet operating metrics combine to make American DG Energy an attractive asset the value of which was realized in the proposed acquisition by Tecogen Inc. Pending regulatory and shareholder approval, we look forward to combining forces to create the leading vertically integrated clean energy company in the U.S. later this year."
Operating cash flow remains negative
American DG Energy Inc. has spent $1.88 million cash to meet operating activities during the year as against cash outgo of $0.33 million in the last year.
The company has spent $0.39 million cash to meet investing activities during the year as against cash outgo of $2.33 million in the last year. It has incurred net capital expenditure of $0.24 million on net basis during the year, down 89.04 percent or $1.99 million from year ago.
The company has spent $2.39 million cash to carry out financing activities during the year as against cash outgo of $0.38 million in the last year period.
Cash and cash equivalents stood at $0.34 million as on Dec. 31, 2016, down 93.23 percent or $4.66 million from $5 million on Dec. 31, 2015.
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